Why You Should Check Your Credit Report

We all go to our doctor regularly for checkups, we go to see our dentist often, we get our car checked for its MOT every 12 months, but most of us do not care to check our credit reports even once in a year. In a recent survey conducted here in the UK, it is found that only 1 out every 20 people have ever checked their personal credit report.

If we look at the fact that the UK adult population stands at around 49 million, this means that only 2.5 million of us have checked our credit reports. This means that a staggering 46.5 million people do not bother to check their credit reports. This is a startling fact as there are more than 100,000 known cases of identity fraud every year costing individuals in excess of £1.7 billion.

If you are not checking your credit report regularly, you could be a victim of identity fraud without even knowing it. You may also be losing money through paying higher interest rates on credit cards, loans and mortgage, either as a result of being a victim of identity fraud, or for having erroneous information on your credit report.

What is a credit report?

A credit report is a report that keeps a record of our credit activities. It keeps records of all of our credit activities in a standardized format. It demonstrates whether we are reliable at paying our credit accounts to terms or whether we frequently have unpaid bills.

Your credit worthiness (strength of your credit report) is often one of the major factors for the value of loan or mortgage and rate of interest that you are able to obtain. If your credit report is good then you can get better financial opportunities and vice a versa. Whether you want to buy a new home, mortgage your existing home or applying for a credit card, your credit report plays a major deciding factor.

How beneficial is viewing my credit report?

You may land in unsavory conditions if you do not obtain and check your credit report regularly. By not doing so you are inviting troubles for yourself. You must check your credit report for errors like mistaken identity, out of date information, wrong payments/receipts etc. Any information incorrectly filed with any of the credit reference agencies could have serious consequences. This could include being chased for debts that you have already paid, or even worse, being chased for debts that aren’t even yours!

How to access your credit report.

Now the question is how and where we can get these credit reports. Accessing your credit report is very easy and it can be done online. Here at The Credit Agency we have conducted a review of credit reference agency services and let you know how to get your free credit report online.

In addition to the free credit report, we review the paid for services of UK credit reference agencies so that you can make the choice as to what option is best for you. One service that is rightfully proving popular is personal credit monitoring. Perhaps the best thing about this is that you are informed if any credit applications have been made in your name. Therefore, by registering with such agencies you can prevent identity fraud before it could happen to you.

What to do if there are errors in your credit report?

Recently many cases of identity fraud came to light where people have misused other's identities to obtain loans or they have made purchases with stolen credit card information (cloned cards). These cases of such fraud are growing day by day. The fraudsters misuse your name and identity and withdraw large amounts of money from your account.

If you are a victim of identity fraud or find any errors on your credit report, you should immediately contact the lender that it relates to, the credit reference agency where you have seen the fraudulent information, and of course the police

Order your credit report now:

Click here to find a list of all personal credit report services here.


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Want to order a personal credit report service: Use the links below to place your order with Experian & Equifax:

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The Credit Agency UK LEARN more about Credit Reports, the way lenders use them and how to Improve Your Credit Score: Personal Credit Report Articles !